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Defining governance matters: A factor analytic assessment of governance institutions

机译:定义治理事项:治理机构的因素分析评估

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This paper produces a new set of governance indices that enable estimation of the marginal economic benefits of particular categories of governance. The indices are constructed using a factor model, estimated on forty perceptions-based governance variables from eleven data sources. In contrast to previous research, a unified statistical framework is used to determine the number of governance indices to create, the conceptual content of each index, and the relative importance each has in accounting for the observable data. The four indices are labeled market infrastructure, downside governance risk, order, and civil liberties. Confidence intervals are calculated for each country, for each index to aid in the comparison of scores. As an application, the indices are used as explanatory variables in cross-country income regressions. Instrumental variables estimates show that market infrastructure and civil liberties both exert statistically and economically significant effects on per capita income, controlling for geography (malaria risk) and international trade.
机译:本文提出了一套新的治理指数,可以估算特定治理类别的边际经济收益。这些指数是使用因子模型构建的,该因子模型基于来自11个数据源的40个基于感知的治理变量进行了估计。与以前的研究相比,使用统一的统计框架来确定要创建的治理指数的数量,每个指数的概念内容以及每个指数对可观察数据的解释的相对重要性。这四个指数分别标记为市场基础设施,下行治理风险,秩序和公民自由。为每个国家/地区,每个指数计算置信区间,以帮助比较分数。作为一种应用,这些指数被用作跨国收入回归中的解释变量。估算工具变量表明,市场基础设施和公民自由在人均收入,控制地理(疟疾风险)和国际贸易方面均对统计和经济产生重大影响。

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